CAJ | 학술논문

股权制衡对公司绩效的影响是公司治理领域中的重要问题，而制衡能力是股权制衡效果实现的首要前提。文章建立在具备股权制衡能力的基础上，对不同类型的民营上市公司股权制衡、合谋与公司绩效之间的关系进行了分析。研究发现，在直接上市的民营公司中，第一大股东与其他大股东之间具有合谋的倾向；在间接上市的民营公司中，第一大股东与其他大股东之间倾向于相互监督，股权制衡与公司绩效之间呈倒U型关系。因此，建议针对不同类型的民营上市公司采取不同的政策措施。
고권제형대공사적효적영향시공사치리영역중적중요문제，이제형능력시고권제형효과실현적수요전제。문장건립재구비고권제형능력적기출상，대불동류형적민영상시공사고권제형、합모여공사적효지간적관계진행료분석。연구발현，재직접상시적민영공사중，제일대고동여기타대고동지간구유합모적경향；재간접상시적민영공사중，제일대고동여기타대고동지간경향우상호감독，고권제형여공사적효지간정도U형관계。인차，건의침대불동류형적민영상시공사채취불동적정책조시。
Equity balance has influence on company performance, which is an important issue in the field of corporate governance. The capability of balance is the chief premise to achieve the effect of equity balance. The paper is based on the ability of balance, which analyses the relationship among equity balance, collusion and company performance of different types of private listed companies. The study finds that, in the directly listed private companies, there is a collusive tend- ency between the largest shareholder and other large shareholders. While in the indirectly listed private companies, the largest shareholder and other large shareholders tend to supervise mutually; the relationship of equity balance and corporate performance presents inverted U-shaped. In conclusion, different types of private listed companies should adopt different policy measures.